JEDDAH – The Islamic Development Bank (IDB) Group's support for the energy sector in member countries has exceeded 25 percent of the total financing by the bank since inception in 1975, Dr. Ahmad Mohamed Ali, President, IDB said in a statement Thursday. "This is in addition to financing by other IDB Group institutions, especially the International Islamic Trade Financing Corporation (ITFC)", he added. In the context of the bank's role in promoting economic and social development in member countries, it has been seeking to strengthen regional partnership to develop the energy sector, particularly power generation infrastructure in the member countries, the IDB president said. In its mid-July meeting, the Board of Executive Directors approved more than $683 million for financing power generation projects in Morocco, Tunisia, Uzbekistan, Iran and Tajikistan as part of $1,158 million financing approvals, the largest ever accorded to member countries by a single session of the board. The energy approvals included $200 million for Mdez-El Menzel Hydropower Complex Project in Morocco, which comes in line with the country's plans to meet 42 percent of its demand for electricity from renewable resources by the year 2020; and $196 million for the 400 megawatt combined cycle power plant project in Sousse, Tunisia - an effort to contribute to the country's rising demand for environment-friendly sources of electric energy. The project is expected to assist Tunisia in achieving the targeted 5 percent annual economic growth under its 5-year development plan). Other energy sector funding approvals in the meeting were $100 million to modernize and expand hydro-power plants in Uzbekistan and $185 million for the Northwest Region Electric Power Transmission Project in Iran, which aims to improve heavy electricity transfer grid in the country's East Azarbaijan, West Azarbaijan and Ardabil provinces. The grid improvement project is expected to enhance the reliability and quality of the already congested transmission network to meet increasing demand for electricity in the country. Recently, the IDB president has authorized $2 million financing for launching small electric power plants in rural areas in Tajikistan, in addition to $9.2 million allocated earlier by the board to the same project. – SG
